IBEW Pension

The IBEW Pension is based on years of credited service, which are calculated on your anniversary date of initiation in the IBEW. i.e. if you were sworn in on July 21st, everything is based on that calendar date. Full Benefit is attainable at age 65. Early Retirement is from age 62 - 65 with a 6 2/3% reduction per year prior to age 65. The benefit is broken down the following way:

Years prior to 1997 = $3.50 per month for each year of credited service.
1998 to present = $4.50 for each year of credited service

Examples:

Member Age 65 In 2002 with 40 years Credited Service:

35 years x $3.50 = $122.50
5 years x $4.50 = $22.50
Total Benefit = $145.00 per month

Member Age 62 In 2002 with 37 years Credited Service:

32 years x $3.50 = $112.00
5 years x $4.50 = $22.50
$134.50 - (6 2/3% x 3 = 20%)-$26.90
Total Benefit = $107.60 per month

The Spousal Benefit

Is calculated at 86 ½% of total benefit with a (+½%) for each year, or part of, that the spouse is younger or a (-1/2%) for each year or part of, that the spouse is older.

Examples:

Member & Spouse Are the Same Age:

Age 65= $145.00- $19.57 = $125.43= 86 ½% of Full Benefit
Age 62 = $107.60 - $14.53 - $93.07.63 = 86 ½% of Early Retirement Benefit

Spouse is 1 year (or part of) Older than Member:

Age 65 = $145.00 - $18.85 = $126.15 = 87% of Full Benefit
Age 62 = $107.60 - $13.99 = $93.61= 87% of Early Retirement Benefit

Spouse is 1 year (or part of) younger than member:

Age 65 = $145.00 - $20.30 = $124.70 = 86% of Full Benefit
Age 62 = $107.60 - 15.06 = $92.54 = 86% of Early Retirement Benefit

Upon the member's death, the spouse will receive 50% of the benefit for the rest of their life.

IBEW Benefits: